Bitcoin explodes above $60,000 causing over $100 million in liquidations

After choppy price action over the past few days, Bitcoin price has taken off, climbing above the pivotal $60,000 level today.

As you can see in the chart below, the move came out of the blue as BTC exploded over $1,000 in a single hourly candle.

Source: TradingView

As CyrptoPotato previously reported, the $60,000 mark is very significant from a technical perspective. Also, at the time of writing, the cryptocurrency is moving towards $61,000, approaching the decisive 200-day moving average, which is around $63,000.

If the price manages to rise above it, this would send positive signals throughout the market and renew hopes for a prolonged recovery.

Meanwhile, the sudden move has also led to a surge in liquidations, with more than $100 million in derivatives positions wiped out in the past 24 hours.

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